Earnings Per Share

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

Basic earnings per common share data is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Common shares outstanding include common stock and restricted stock awards where recipients have satisfied the vesting terms. Diluted earnings per common share gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method.

The following table presents a summary of per common share data and amounts for the periods indicated.

	Three months ended March 31,
(in thousands, except per share data)	2020		2019
Net income as reported	$	12,868	$	16,156
Weighted average common shares outstanding	26,473		23,927
Additional dilutive common stock equivalents	66		156
Weighted average diluted common shares outstanding	26,539		24,083
Basic earnings per common share:	$	0.49	$	0.68
Diluted earnings per common share:	0.48		0.67

For the three months ended March 31, 2020 and 2019 common stock equivalents of approximately 62,000 and 122,000, respectively, were excluded from the earnings per share calculations because their effect would have been anti-dilutive.